Stellar is a decentralized protocol that will let users send and
receive money between any pair of currencies (meaning, for
example, you could send money in dollars and have it arrive to
someone else in Euros).

The startup will use a Bitcoin-like virtual currency
called "stellar," to provide the conversion path between all the
currencies.

The platform will also allow users to make standard
payments too, without needing to integrate stellars. The network
has an initial supply of 100 billion stellars, and the company
described how it plans to split that currency:

• 50% of the total will be
distributed to people who sign
up for an account.

•
25% will
be distributed by other nonprofits focused on financial
inclusion.

•
20% will
be given to current Bitcoin and Ripple holders—two systems that
Stellar owes a lot to.

Stellar has big ambitions.
According to Rabois, it will tackle problems that PayPal never
did:

There are a bunch of other big names on board, including Stripe
CEO Patrick Collison, YCombinator president Sam Altman, Mt. Gox
creator Jed McCaleb, AngelList cofounder and CEO Naval Ravikant,
cofounder of Dogecoin Jackson Palmer, and Matt Mullenweg, founder
of WordPress, among others. Stripe provided $3 million funding to
get the startup off the ground.